What it does
When you have a tax-inclusive amount and need to separate the net from the VAT, enter the gross total and set the VAT rate. That is all it takes.
Tax and VAT
Got a price that already includes VAT? Pull out the net amount and the tax portion in one step.
When you have a tax-inclusive amount and need to separate the net from the VAT, enter the gross total and set the VAT rate. That is all it takes.
Net amount = gross amount / (1 + VAT rate). VAT amount = gross amount - net amount.